Snoop Dogg has built a history of being instrumental in the cannabis industry, and his latest investment helped in doubling the value of a cannabis startup.
Bloomberg reports that Snoop’s venture capital (VC) firm, Casa Verde Capital participated in a Series D funding round of $350 million for Dutchie — a technology platform for cannabis dispensaries. The tech firm’s valuation is now $3.75 billion.
The round was led by D1 Capital Partners and other participants included Tiger Global, DFJ Growth, Dragoneer, Gron Ventures and Thrive Capital, according to Bloomberg.
The new funding comes in seven months after Dutchie raised $200 million, which brought their value to $1.7 billion. Now the tech platform’s value has doubled in less than a year.
As previously reported by AfroTech, Casa Verde Capital has served as a leading VC firm in providing cannabis startups with funding. The VC firm has an extensive portfolio, and Dutchie is one of its prized investments. Its backed Dutchie since 2018 during the tech firm’s Series A funding round.
Dutchie is an Oregon-based startup founded in 2017 by brothers Ross and Zach Lipson. Their tech platform makes for easier purchasing of cannabis as users can order online from nearby dispensaries for pickup or delivery. According to GeekWire, the startup’s technology “is used to power annual sales of more than $14 billion at 5,000 cannabis dispensaries across North America.”
“Cannabis presents opportunities for job creation, critical reforms, and opens up new revenues to support state and local economies and communities,” co-founder and CEO Ross Lipson said. “By powering cannabis commerce and streamlining operations, we are accelerating the positive changes that cannabis is bringing to the world while normalizing the industry.”
As the tech startup continues to dominate in the cannabis industry, it plans to use the funding to grow its staff, expand into new markets outside of North America and create new products.